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Rupee settles higher against dollar on Thursday

19 Sep 2024 Evaluate

Indian rupee settled higher on Thursday after the US Federal Reserve cut the benchmark interest rate by 0.50 per cent, boosting investors' sentiment. Buying in domestic equities and inflow of foreign funds also supported the local unit. Traders took encouragement as Commerce and Industry Minister Piyush Goyal expressed optimism that India's merchandise and services exports will surpass $825 billion despite facing global economic challenges. Meanwhile, net direct tax collection grew 16.12 per cent to over Rs 9.95 trillion so far this fiscal on higher advance tax mop up. Refunds worth over Rs 2.05 trillion were issued, a 56.49 per cent jump over the same period last fiscal. On the global front, Sterling hit its highest level against the US dollar on Thursday, immediately after the Bank of England held its policy interest rate at 5 per cent. 

Finally, the rupee ended at 83.66 (Provisional), stronger by 10 paise from its previous close of 83.76 on Tuesday. The currency touched a high and low of 83.73 and 83.56 respectively.

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